Planning Commission approves plat for housing addition
Ponca City Now - June 3, 2015 9:01 am
The Ponca City Planning Commission voted 7-1 Tuesday night to recommend approval of the final plat for Highland Park Addition, to be located on the site of the former Airline Theater.
The matter goes to the Board of Commissioners at its meeting next Monday for final approval.
The developer said he plans to complete construction on 40 houses in the addition in six months.
The housing addition is targeted to moderate income working families, Development Services Director Chris Henderson said.
For the first 15 years after the project is built, the homes will be rented. After that, they can be sold by the developer for current market value. Renters who stay in the homes can have a portion of their rent applied to the purchase price.
Henderson said the homes will be approximately 1,300 square feet with three bedrooms and two bathrooms.
The project is a tax credit project for a family subdivision funded by the Oklahoma Housing Finance Agency. Ponca City’s Board of Commissioners supported the project by agreeing to waive building permit fees. Ponca City Energy also will provide underground electric service to the subdivision.
Six of the 40 homes will be spec or custom homes which will be sold.
Henderson said the improvements made by the developer, such as the roads, water and sewer lines, will be maintained for one year and then will become city properties.
The project has an estimated value of $5.7 miillion, Henderson said.